Representation of Church Street Trustees Limited 15-Jan-2021 [2021] JRC 041 (15 January 2021)

Representation of Church Street Trustees Limited 15-Jan-2021 [2021] JRC 041 (15 January 2021)

The Seventh and Eighth Respondents are entitled to payment of their trustee fees from the Trust Fund for the relevant periods, calculated at 0.15% of the net asset value, as this was the agreed basis under the Trust Deed and with the Protectors' consent, and there is no evidentiary foundation for any challenge to their entitlement or calculation. The court exercises its inherent jurisdiction to secure the good administration of the Trust.

Citation
[2021] JRC 041
Parties
Seventh Respondent: Titris SA; Eighth Respondent: Nerina Cucchiaro; Former Trustee: ING Trust Luxemburg SA; Former Protector: Mr H; Former Protector: Mr J
Jurisdiction
Jersey
Judgment Date
15 January 2021
Procedural Posture
Trustee Fee Application / Judgment on Application for Payment of Trustee Fees
Outcome
Application granted
Legal Topics
Trustee Remuneration, Bare Trustee, Trust Administration, Court's Inherent Jurisdiction
Trusts Equity Trustee Remuneration Bare Trustee Trust Administration Court's Inherent Jurisdiction

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Parties

Titris SA

Seventh Respondent

Nerina Cucchiaro

Eighth Respondent

ING Trust Luxemburg SA

Former Trustee

Mr H

Former Protector

Mr J

Former Protector

Procedural Posture

Trustee Fee Application / Judgment on Application for Payment of Trustee Fees

Legal Issues

  1. 1 Whether the Seventh and Eighth Respondents are entitled to payment of trustee fees from the Trust Fund for three distinct periods
  2. 2 Whether the calculation and basis of such fees are valid and agreed under the Trust Deed and by the Protectors
  3. 3 Whether any evidentiary or procedural defects disentitle the Respondents to fees

Ratio Decidendi

The Seventh and Eighth Respondents are entitled to payment of their trustee fees from the Trust Fund for the relevant periods, calculated at 0.15% of the net asset value, as this was the agreed basis under the Trust Deed and with the Protectors' consent, and there is no evidentiary foundation for any challenge to their entitlement or calculation. The court exercises its inherent jurisdiction to secure the good administration of the Trust.

Court Disposition

Application granted

Orders

  • Seventh Respondent entitled to fees for Period 1 (€2,426,315.48)
  • Seventh Respondent entitled to fees for Period 2 (€458,471.08)